Two-Unit Duplex Under
For Sale
$370,000
104 Union Avenue, Stratford, NJ 08084
Partially renovated residential income property with separate four-bedroom and two-bedroom units, sold as-is and not currently habitable.
Property Size1,734 SF
Days on Market114
Property Features for 104 Union Avenue
General Information
Standard status
Active
Size
1,734 SF
Property subtype
Multi Family Home
Zoning
Residential
Units
Unit Mix
4-bed 1st floor unit, 2-bed 2nd floor unit
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,727
Building Details
Building Size
1,734 SF
Year Built
1930
Units
2
Listing Agency:
C21/ Mack Morris Iris Lurie
(732) 536-2228
Listed By:
Constance Richmond · License #1862181
(732) 536-2228
Source:
Michaelfraulo
Added: May 8
Changed: Aug 28
Last Checked: Aug 28 at 12:52PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of C21/ Mack Morris Iris Lurie
Investment Insights
Based on property information with market context.
This two-unit duplex, built in 1930, is being sold during an incomplete renovation and is not currently habitable. The first-floor residence has four bedrooms, while the second-floor residence has two bedrooms. Work already completed or underway includes select flooring, kitchen and bathroom improvements, some replacement windows, drywall installation, ductwork for central air, and a new electrical line serving the second floor.
The property is zoned Residential and will transfer strictly in its current as-is condition. Existing improvements provide a partially advanced renovation project rather than a finished income property, with the remaining work left to the next owner’s plans and specifications.
The property is zoned Residential and will transfer strictly in its current as-is condition. Existing improvements provide a partially advanced renovation project rather than a finished income property, with the remaining work left to the next owner’s plans and specifications.
Key Highlights
- Two‑unit duplex with a 4‑bed first‑floor unit and 2‑bed second‑floor unit
- Built in 1930 and zoned Residential
- Renovation underway; property is not currently habitable
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$19,721
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.33%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$394,420
$394.4K
Cap Rate 7%
$281,729
$281.7K
Cap Rate 9%
$219,122
$219.1K
Market Conditions
NOI Build-Up for 1,734 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$29.8K $17.16/SF
− Vacancy
−$1.6K −$0.91/SF
EGI
$28.2K $16.25/SF
− OpEx
−$8.5K −$4.87/SF
NOI
$19.7K $11.37/SF
Area
Camden County, NJ
Vacancy
5.32%
Lease Rate
$17.16 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$394,420
Cap Rate 7%
$281,729
Cap Rate 9%
$219,122
Alternative Uses
Best Use
Multifamily LT 5
$281.7K
$246.5K – $328.7K
NOI $19,721 @ 7.0% cap · market cap 5.33%
Second Best
Apartment 5plus
$251.6K
$220.1K – $293.5K
NOI $17,610 @ 7.0% cap · market cap 4.76%
Theoretical Best
Office A
$439.7K
$384.7K – $513.0K
NOI $30,777 @ 7.0% cap · market cap 8.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
993
Businesses Nearby
Explore this area
Business Placement
Demographics for 08084, NJ
6,981
Population
2,574
Households
2.7
Avg Household Size
41
Median Age
32%
College-Educated
92%
High-School Grad
1.6 sq mi
ZIP Area
4,363
Density / Sq Mi
$100,735
Median Household Income
$52,002
Median Earnings
$1,172
Median Rent
$238,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Partially renovated residential income property with separate four-bedroom and two-bedroom units, sold as-is and not currently habitable.
Where is this duplex located?
The property is located at 104 Union Avenue Stratford, NJ.
What is the asking price?
The asking price for this property is $370,000.
What are key features of this property?
This property features: Two‑unit duplex with a 4‑bed first‑floor unit and 2‑bed second‑floor unit; Built in 1930 and zoned Residential; Renovation underway; property is not currently habitable
